Veteran trader Peter Brandt has identified a bullish “massive coil” pattern for $XRP, signaling a potential breakout, while legal uncertainties and regulatory shifts fuel market speculation.
Peter Brandt’s Chart Insight Sparks Debate on $XRP’s Next Market Move
Peter Brandt, a renowned trader and chartist, highlighted a bullish outlook for $XRPin a post on social media platform X on Monday. His statement suggests that $XRPis on the brink of a substantial price rally.
Brandt mentioned a “massive coil,” a technical analysis pattern where price consolidates within a narrowing range, often resembling a wedge or triangle. This pattern typically precedes a sharp breakout. Brandt noted that $XRPhas already surpassed its 2023 high, a significant technical milestone indicating strong bullish momentum. Breaking annual highs often serves as a catalyst for further upward movement, signaling growing market interest and confidence. The veteran trader also highlighted $XRP’s 2021 high as a critical resistance level, suggesting that surpassing this mark could trigger an explosive rally, symbolized by rocket emojis in his post.
Despite expressing a positive $XRPoutlook on Monday, Brandt has previously voiced negative opinions about the cryptocurrency, sparking criticism from its supporters. In a post on X Monday, he clarified: “I am NOT long $XRPand have no plans to buy $XRP,” adding that he holds bitcoin (BTC) and solana (SOL). He also acknowledged his skepticism of Ripple, adding that his analysis of $XRPwas purely technical.
President-elect Donald Trump has vowed to make the U.S. the “crypto capital” of the world and proposed establishing a strategic bitcoin reserve. He has also pledged to remove U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on his first day in office, though speculation suggests Gensler may resign voluntarily before Trump assumes office.
Brandt also addressed $XRP’s ongoing legal challenges, noting that the cryptocurrency is “probably not” a security if Gensler steps down during Trump’s presidency. In response to a question on X about whether $XRPwill still be considered a security, Brandt replied:
Probably not under Trump without Gensler.
$XRP’s legal saga stems from Ripple’s 2020 lawsuit with the SEC over allegations of unregistered securities offerings. A 2023 ruling declared that $XRPis not a security for retail sales but classified institutional sales as securities, resulting in penalties. While the SEC’s appeal keeps the case unresolved, speculation around leadership changes at the SEC has positively impacted $XRP’s market performance, fueling hopes for a more favorable regulatory environment.